Hans Hufschmid Opalesque Industry Update - Today, independent fund administrator, GlobeOp announced its interim results for the six months ended 30 June 2011.
GlobeOp made strong progress in the first half of this year, reaching a new AuA high of $170 billion – an increase of 42% in the past 12 months. Its revenues, adjusted operating profit, net income and cash continued to grow and all have reached record levels; and middle-, back-office and fund administration (MBA) revenue and risk reporting revenue each grew 23% over the prior year period.
You can read the full results here: Interim results for the six months ended June 2011
Highlights of the first half results include:
• Assets under Administration (AuA) increased 14% in the first half of 2011 to $170 billion as at 30 June 2011 - an increase of 42% in the past 12 months
Hans Hufschmid, chief executive officer, said: “GlobeOp performed well during the first half of the year. Revenues grew 23% and adjusted operating profit increased 28% compared to the first half of 2010. We added new clients, particularly in the second quarter, and our new business pipeline is building. We have continued to invest in our capabilities and enhanced our marketing efforts while expanding profit margins and generating strong cash flows. We see an array of growth opportunities for GlobeOp and believe recent global volatility will create opportunities for fund managers over time. We remain optimistic about our business and look forward to the second half of 2011.”